Word: tivation
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Dates: during 2008-2008
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...Yugoslav naval base at Tivat on the coast of Montenegro is a derelict place. Colossal jetties stretch out from an abandoned work yard piled with crumbling concrete, twisted metal rods and broken glass. In one corner, a Cold War-era submarine, its giant propeller exposed to the summer winds, is being slowly dismantled by a local crew in flip-flops. The berths are fouled with paint chips and rusted metal, and until a recent scavenging operation, explosives lay on the seabed...
...naval base may be ugly and unglamorous, but thanks to a group of high-profile foreign investors, Tivat is about to be reborn. Next month, construction begins on a new marina for megayachts that its backers say will help turn this lowly industrial town into a glistening new Monaco. Its current appearance notwithstanding, Tivat is fortuitously situated on the so-called Venice-Corfu leg, the fastest-growing cruise destination in the Mediterranean and a pleasure ground for some of the world's wealthiest people. Montenegro's roads are crumbling, its power supply sporadic and its sewage system inadequate...
...Peter Munk, 80, the Hungarian-born Canadian who heads the mining giant Barrick Gold, that potential makes Montenegro a prime candidate for development. Relaxing in shorts and bare feet on his chartered 162-ft. (49 m) yacht on the deep blue waters near Tivat, Munk says Monaco was also a relatively backward town before it transformed itself - and swaths of the French Riviera with it - into the playground it is today. Tivat, or Porto Montenegro as the marina area is being renamed, will have a similar effect, Munk declares: "The whole Adriatic is going to be lifted up by this...